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21 avril 2021
- handle: 10670/1.32mrsw
- hal: hal-03976673
- doi: 10.1007/s10693-021-00353-0
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info:eu-repo/semantics/altIdentifier/doi/10.1007/s10693-021-00353-0
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Jérémie Bertrand et al., « Liquidity Creation and Trust Environment », HAL-SHS : droit et gestion, ID : 10.1007/s10693-021-00353-0
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Résumé
Trust towards banks plays a central role in theoretical literature. Diamond and Dybvig (J Polit Econ 91:401–419, 1983) argue that in a trustworthy environment banks can easily collect deposit foster banking activity and asset transformation. Diamond and Rajan (J Polit Econ 109:287–327, 2001) posit that a high trust environment discourages banks from creating liquidity. To address these conflicting views, the current study measures liquidity creation using Berger and Bouwman’s (Rev Financ Stud 22:3779–3837, 2009) methodology, then assesses the level of trust in the environment with four proxies and two additional instruments deployed in previous research. The results confirm a positive effect of trust in banks on liquidity creation, especially for small or state-chartered banks and during economic downturns. The results are robust to time effects and potential endogeneity concerns.